According to the: "Mr. Russell [Nikola president Mark Russell] is the manager of T&M Residual, LLC, and has sole dispositive power over the shares held by T&M Residual, LLC. Mr. Milton has sole voting power over the shares held by T&M Residual, LLC."
This means that, while Russell is in charge of what happens to the shares, Milton has the ability to use the votes associated with each share owned by T&M Residual, LLC to vote at proxy meetings or during other voting events. with the SEC, Milton has voting power for not only the 91.6 million shares he personally owns through M&M Residual, LLC, but also for the nearly 40 million shares owned by T&M Residual, LLC — these shares together represent 34.
The document's stipulations all mitigate Milton's voting power at the firm. The document requires Milton to use his ownership's voting power to vote in line with Nikola's board of directors' recommendations for three years following his resignation, it bars him from trying to remove or elect any directors, and from making any type of shareholder proposal.
The agreement also allows for accelerated vesting of 600,000 restricted stock units, a grant associated with his employment agreement, which today would be worth about $17 million.A recap of all things electric vehicles, ride-hailing, airlines, and more. Sign up for Insider Transportation.
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